AMERICAN FINANCIAL GROUP INC

Listed Company

AFGCIK 0001042046NYSELarge AcceleratedFire, Marine & Casualty InsuranceOhioFY ends Dec 31

Period

FY 2025

Revenue

$8.17B

Net Income

$842.00M

Total Assets

$32.64B

Equity

$4.82B

Shares Out

83.30M

Op. Cash Flow

$1.53B

+ 13F Filer

Business

AMERICAN FINANCIAL GROUP INC is an insurance holding company that operates primarily through Great American Insurance Group and focuses on property and casualty insurance for commercial customers. It offers a broad range of specialty insurance products and services, including multi-peril crop insurance, commercial automobile, property and marine, excess and surplus, executive and professional liability, workers’ compensation, fidelity and surety, trade credit, reinsurance and investment portfolio management. Its operations are organized into a property and casualty insurance segment comprised of multiple autonomous niche businesses and specialty sub-segments (property and transportation, specialty casualty and specialty financial). AFG distributes its products mainly through independent agents and brokers across the United States with limited international operations and participates in reinsurance and capital markets for risk transfer.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net earned premiums	7,046	7,036	6,531	6,085	—
Net investment income	745	780	742	717	730
Securities	10	0	−36	−116	—
Subsidiaries	1	0	−4	—	—
Investment income	283	380	421	268	181
Gain (loss) on change in fair value of assets/liabilities	−26	4	27	−31	10
Other income	115	124	146	117	113
Total revenues	8,174	8,324	7,827	7,040	6,552
Losses and loss adjustment expenses	4,388	4,460	4,033	3,629	—
Commissions and other underwriting expenses	2,059	2,007	1,935	1,718	1,547
Interest charges on borrowed money	80	76	76	85	94
Expenses of managed investment entities	241	338	405	230	155
Other expenses	333	319	305	255	264
Total costs and expenses	7,101	7,200	6,754	5,917	5,217
Earnings before income taxes	1,073	1,124	1,073	1,123	1,335
Provision for income taxes	231	237	221	225	254
Net Earnings	842	887	852	898	1,995
Basic (USD per share)	10.08	10.57	10.06	10.55	23.44
Diluted (USD per share)	10.08	10.57	10.05	10.53	23.3
Basic (shares)	84	84	85	85	85
Diluted (shares)	84	84	85	85	86

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	1,727	1,406	1,225	872	2,131
Fixed maturities, available for sale at fair value (amortized cost $11,101 and $10,687; allowance for expected credit losses of $21 and $34)	11,052	10,398	10,377	10,095	10,357
Fixed maturities, trading at fair value	91	76	57	32	28
Equity securities, at fair value	785	751	1,018	1,010	1,042
Investments accounted for using the equity method	2,421	2,277	1,814	1,700	1,517
Mortgage loans	947	791	643	676	520
Real estate and other investments	159	153	129	127	150
Total cash and investments	17,182	15,852	15,263	14,512	15,745
Recoverables from reinsurers	5,528	5,176	4,477	3,977	3,519
Prepaid reinsurance premiums	1,089	1,013	961	917	834
Agents balances and premiums receivable	1,641	1,532	1,471	1,339	1,265
Deferred policy acquisition costs	333	320	309	288	267
Assets of managed investment entities	4,050	4,140	4,484	5,447	—
Other receivables	1,212	1,123	1,171	886	857
Other assets	1,280	1,375	1,346	1,219	902
Goodwill	327	305	305	246	246
Total assets	32,642	30,836	29,787	28,831	28,931
Unpaid losses and loss adjustment expenses	15,094	14,179	13,087	11,974	11,074
Unearned premiums	3,736	3,584	3,451	3,246	3,041
Payable to reinsurers	1,195	1,191	1,186	1,035	920
Liabilities of managed investment entities	3,907	3,965	4,307	5,332	—
Long-term debt	1,820	1,475	1,475	1,496	1,964
Other liabilities	2,070	1,976	2,023	1,696	1,700
Total liabilities	27,822	26,370	25,529	24,779	23,919
Common Stock, no par value 200,000,000 shares authorized 83,422,202 and 83,978,258 shares outstanding	83	84	84	85	85
Capital surplus	1,430	1,411	1,372	1,368	1,330
Retained earnings	3,357	3,211	3,121	3,142	3,478
Accumulated other comprehensive income (loss), net of tax	−50	−240	−319	−543	119
Shareholders equity	4,820	4,466	4,258	4,052	5,012
Total liabilities and shareholders equity	32,642	30,836	29,787	28,831	28,931

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	86	81	78	100	187
Realized (gains) losses on investing activities	−12	0	38	110	−1,131
Net (purchases) sales of trading securities	7	−26	−5	−2	−5
Reinsurance and other receivables	−628	−769	−794	−644	−350
Other assets	62	10	−19	−138	344
Insurance claims and reserves	1,066	1,225	1,318	1,105	912
Payable to reinsurers	3	5	151	115	113
Other liabilities	44	−153	72	−69	−70
Managed investment entities assets/liabilities	70	−80	305	−183	−144
Other operating activities, net	−7	−28	−26	−139	−416
Net cash provided by operating activities	1,533	1,152	1,970	1,153	1,714
Fixed maturities	−2,984	−2,136	−2,005	−4,387	−7,978
Equity securities	−65	−187	−146	−239	−193
Mortgage loans	−211	−191	0	−273	−218
Other investments	−224	−247	−150	−141	−391
Real estate, property and equipment	−135	−133	−72	−86	−62
Businesses	−7	−9	−234	−10	−123
Maturities and redemptions of fixed maturities	2,437	2,145	1,310	2,511	5,035
Repayments of mortgage loans	51	41	34	118	84
Sales of fixed maturities	124	124	650	1,294	745
Sales of equity securities	120	179	164	174	523
Sales of other investments	57	107	78	141	584
Sales of real estate, property and equipment	2	30	3	31	46
Cash and cash equivalents of businesses acquired	3	0	26	—	—
Purchases of investments	−2,102	−1,880	−1,466	−1,515	−2,155
Proceeds from sales and redemptions of investments	2,092	2,257	2,228	1,335	2,112
Other investing activities, net	7	−5	−6	−4	32
Net cash provided by (used in) investing activities	−835	95	414	−1,051	−436
Additional long-term borrowings	344	0	0	0	0
Reductions of long-term debt	0	0	−21	−477	0
Issuances of Common Stock	12	17	15	16	66
Repurchases of Common Stock	−99	0	−213	−11	−319
Cash dividends paid on Common Stock	−606	−788	−684	−1,213	−2,374
Issuances of managed investment entities liabilities	2,993	2,336	670	1,206	2,883
Retirements of managed investment entities liabilities	−3,021	−2,631	−1,798	−882	−2,690
Net cash used in financing activities	−377	−1,066	−2,031	−1,361	−1,957
Net Change in Cash and Cash Equivalents	321	181	353	−1,259	−679

Filings

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Holdings (13F)

Portfolio as of 2026-01-14 · 113 positions

Reported AUM

$328.88M

Holdings

113

Top sector

$328.88M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$328.88M	100.0%

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ENTERPRISE PRODS PARTNERS L	—	247.0K	$6.38M	1.9%